Today we will talk about Ripple - XRPUSD, its price action from technical point of view and wave structure from Elliott Wave perspective.
We have to respect that Ripple looks quite bullish after it unfolded five waves up from June to September. However, we still see it as a wave A of a three-wave A-B-C rally, so after nice and clean pullback in wave B, seems like XRPUSD is ready to continue higher for wave C. And, because wave C is a motive wave, we can expect a new five-wave bullish cycle that can easily send the price back to September highs and 1.5 - 1.7 area.
As you can see, currently it can be forming a nice bullish setup with subwaves (1) and (2) that can be now ready for a jump into wave (3), but only if the price manages to stay above 0.85 invalidation level!
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Nice analysis. But why you use arithmetic scale and not log scale ?
thank you :)
UnknownUnicorn3382580
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@Maku1234 for this part of the chart there will be no substantial difference. But overall, a very reasonable comment, Mr Grega does not like log scale))
ew-forecast
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@WXYXXZ, @Maku1234, i like log scales, but on a higher degree time frame charts where we want to define trends.
thank you :)